FRS 102 COMPLIANCE

Streamline your path to FRS 102 lease accounting compliance

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Why choose Prophix One^™ for FRS 102 compliance?

Ensure compliance with the latest FRS 102 update

Stay ahead of regulatory changes with a lease accounting solution designed for your compliance needs. Seamlessly manage the complexities of lease accounting and financial reporting in line with the updated FRS 102 standard.

Automated contract review and reclassification

Automated review and reclassification streamline your contract analysis by quickly identifying leases and applying the correct accounting treatment, reducing manual effort and ensuring accurate compliance.

Track modifications and maintain data integrity

Rely on accurate, up-to-date lease data and transparent calculations. Effortlessly monitor all changes to your leases and improve auditability across your lease accounting processes.

Centralized data management

Centralize all lease and contract data in one secure platform to minimize errors and ensure easy access for reporting and audits.

Understand the balance sheet impact of leases

Gain clear visibility and control over your lease portfolio as new FRS 102 requirements bring leases onto your balance sheet. Ensure transparency and readiness for how these changes will affect your financial position and reporting. With better insight into key leasing events, you can make informed decisions and maintain agility in a rapidly evolving regulatory environment.

Enhance control and transparency in lease management

Take charge of your lease portfolio with improved oversight of key leasing events and greater transparency. By strengthening control and visibility, your organization can respond swiftly to changes, ensure accurate reporting, and maintain compliance in today’s fast-paced regulatory environment.

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Frequently asked questions

Lease accounting software helps organizations comply with lease accounting standards like IFRS 16, ASC 842 and FRS 102 by automating calculations, financial reporting, and disclosures. It centralizes lease data management and offers features for managing lease renewals, modifications, and payments. Additionally, lease accounting software provides tools for multi-entity reporting and maintaining audit trails, ensuring accuracy and compliance in lease accounting.

Lease accounting software streamlines compliance with complex accounting standards, reducing the risk of errors and ensuring accurate financial reporting. It also enhances efficiency by automating lease management tasks, improving data organization, and supporting strategic decision-making with advanced reporting and analysis tools.

Lease accounting software is typically customizable to meet the specific needs of different organizations. Users can often tailor data collection, reporting templates, as well as adjust settings for lease classifications, currency management, and multi-entity structures.